(Bloomberg) -- Oil eked out a gain after a report showed that US job openings in February fell to the lowest since 2021, reigniting concerns over a global economic slowdown.
West Texas Intermediate settled above $80 paring gains on disappointing labor data after initially rising almost 2%. Before the US economic report, prices had extended the largest rally in a year stemming from the surprise decision Sunday by the Organization of Petroleum Exporting Countries and its allies to slash crude production by over 1 million barrels a day.
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Short-term upside is limited until the market sees more inventory draws and stronger demand, said Jonathan Wagner, global head of crude options at Marex North America. “In this macro environment, ahead of payrolls this Friday, the signal of employers not looking for workers is not helping,” said Wagner.
Crude has soared about 20% from the low point in mid-March. The rebound was driven initially by expectations Chinese demand would pick up following the end of restrictive Covid policies. The OPEC+ surprise decision allowed markets to rally the most in a year, with the move being aimed to punish speculators that bet oil prices would fall.
While uber-bull Goldman Sachs Group Inc. upgraded their price forecasts in the wake of the decision, Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. kept forecasts unchanged. Morgan Stanley even lowered its outlook, noting China's demand growth has lagged behind expectations.
The market largely ignored the potential resumption of oil exports from Iraq's semi-autonomous Kurdistan region on Tuesday. The region's government said it will sign an agreement that may clear the path to restart shipments via the Turkish port of Ceyhan.
Elsewhere, Exxon Mobil said it's restarting units over the coming days at the oil complex near Le Havre in France that had been halted after protests disrupted supplies.
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